Manor Crest Homes Limited - Accounts to registrar (filleted) - small 18.1

REGISTERED NUMBER: 05720915 (England and Wales)

MANOR CREST HOMES LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2017

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

to

7

DIRECTORS:

L M Hall

D A Wann

Mrs D Ledbrook

SECRETARY:

L M Hall

REGISTERED OFFICE:

27-29 Lumley Avenue

Skegness

Lincolnshire

PE25 2AT

BUSINESS ADDRESS:

The Circus

Belton Park Road

Lumley Fields

Skegness

Lincolnshire

PE25 1GU

REGISTERED NUMBER:

05720915 (England and Wales)

SENIOR STATUTORY AUDITOR:

Damon Brain FCA FMAAT

AUDITORS:

Duncan & Toplis Limited, Statutory Auditor

27-29 Lumley Avenue

Skegness

Lincolnshire

PE25 2AT

BANKERS:

Barclays Bank PLC

Market Place

Leicester

Leicestershire

LE87 2BB

FIXED ASSETS

Tangible assets

4

138,383

87,119

Investments

5

500,003

925,003

Investment property

6

275,000

275,000

913,386

1,287,122

CURRENT ASSETS

Stocks

5,997,459

6,580,779

Debtors

7

4,832,438

3,485,264

Cash at bank and in hand

914,265

1,277,687

11,744,162

11,343,730

CREDITORS

Amounts falling due within one year

8

4,585,411

4,936,980

NET CURRENT ASSETS

7,158,751

6,406,750

TOTAL ASSETS LESS CURRENT LIABILITIES

8,072,137

7,693,872

CREDITORS

Amounts falling due after more than one year

9

(63,805

)

(35,161

)

PROVISIONS FOR LIABILITIES

(263,052

)

(253,224

)

NET ASSETS

7,745,280

7,405,487

CAPITAL AND RESERVES

Called up share capital

11

2

2

Revaluation reserve

12

7,095

7,095

Retained earnings

7,738,183

7,398,390

SHAREHOLDERS' FUNDS

7,745,280

7,405,487

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 31 July 2018 and were signed on its behalf by:

L M Hall - Director

1.	STATUTORY INFORMATION

Manor Crest Homes Limited is a private company, limited by shares , registered in England and Wales. The company's

registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Preparation of consolidated financial statements

The financial statements contain information about Manor Crest Homes Limited as an individual company and do not

contain consolidated financial information as the parent of a group. The company has taken the option under Section 398

of the Companies Act 2006 not to prepare consolidated financial statements.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value

added tax and other sales taxes.

Sales of properties are recognised at the time of legal completion of the relevant sales contract, not the time of exchange.

Work in progress relating to pre sold properties is accounted for under UITF 40 as an amount recoverable on contracts.

Advance payments / deposits are accounted for as required under FRS 102 as payments on account deducted from work in

progress or included in creditors.

Rental income is recognised in the period to which it relates. Rent paid in advance is thus deferred over the relevant period.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery etc

-

25% on reducing balance

Investments

Interest in subsidiary undertakings is valued at cost less impairment.

Investment property is shown at the most recent valuation. Any aggregate surplus of deficit arising from changes in market

value is transferred to the income statement.

Land and work in progress

Land and work in progress are valued at the lower of cost and net realisable value. Land includes undeveloped land and

land under development. Work in progress comprises direct materials, labour costs, site overheads, associated professional

charges and other attributable overheads.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent

that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively

enacted by the statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of

financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in

which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been

enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be

recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of

financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the

date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the statement of financial position. Those

held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are

depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to the income statement over the relevant period. The capital element

of the future payments is treated as a liability.

Rentals paid under operating leases are charged to the income statement on a straight line basis over the period of the

lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme

are charged to the income statement in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 29 (2016 - 29 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 November 2016

193,693

Additions

93,346

Disposals

(14,006

)

At 31 October 2017

273,033

DEPRECIATION

At 1 November 2016

106,574

Charge for year

39,917

Eliminated on disposal

(11,841

)

At 31 October 2017

134,650

NET BOOK VALUE

At 31 October 2017

138,383

At 31 October 2016

87,119

5.	FIXED ASSET INVESTMENTS

Other

investments

£

COST OR VALUATION

At 1 November 2016

925,003

Impairments

(425,000

)

At 31 October 2017

500,003

NET BOOK VALUE

At 31 October 2017

500,003

At 31 October 2016

925,003

Cost or valuation at 31 October 2017 is represented by:

Other

investments

£

Valuation in 2012

(138,000

)

Valuation in 2017

(425,000

)

Cost

1,063,003

500,003

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 November 2016

and 31 October 2017

275,000

NET BOOK VALUE

At 31 October 2017

275,000

At 31 October 2016

275,000

Fair value at 31 October 2017 is represented by:

£

Valuation in 2013

57,095

Valuation in 2014

(50,000

)

Cost

267,905

275,000

If the investment property had not been revalued it would have been included at the following historical cost:

2017

2016

£

£

Cost

267,905

267,905

Investment property was valued on an open market basis on 31 October 2013 by the directors .

7.

DEBTORS

2017

2016

£

£

Amounts falling due within one year:

Trade debtors

331,558

33,288

Amounts owed by related undertakings

1,333,483

411,274

Other debtors

277,328

106,073

1,942,369

550,635

Amounts falling due after more than one year:

Amounts owed by related undertakings

2,890,069

2,934,629

Aggregate amounts

4,832,438

3,485,264

Recoverability of the amounts due from group and related undertakings shown as due after more than one year is

dependent upon the long term profitability of those companies, specifically their ability to realise profits on developments

in progress or retain sufficient tenants to service debt obligations and inter company funding. The directors expect these

sums to be recovered in full.

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Bank loans and overdrafts

2,403,717

3,242,379

Hire purchase contracts

30,917

21,829

Trade creditors

417,636

408,557

Amounts owed to related undertakings

1,128,744

237,654

Taxation and social security

335,833

441,136

Other creditors

268,564

585,425

4,585,411

4,936,980

Bank loans and overdrafts includes several facilities amounting to £2,403,717 (2016: £3,242,379) whose repayment is

dependent upon the timing of realisations from the relevant property developments. However, these facilities have been

classified as short term debt due to the facility renewal dates falling within one year of the balance sheet date.

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Hire purchase contracts

63,805

35,161

10.	SECURED DEBTS

The following secured debts are included within creditors:

2017

2016

£

£

Bank loans

2,403,717

3,242,379

Hire purchase contracts

94,722

56,990

Other creditor

-

150,000

2,498,439

3,449,369

Bank loans are secured by various fixed and floating charges over all assets of the company, including land, property and

development assets. In addition various cross guarantee arrangements are in place by which Manor Crest Homes Limited

has pledged its assets as security for the borrowings of a related party undertaking, Thorngate Limited.

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2017

2016

value:

£

£

2

Ordinary

£1.00

2

2

12.

RESERVES

Revaluation

reserve

£

At 1 November 2016

and 31 October 2017

7,095

13.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Damon Brain FCA FMAAT (Senior Statutory Auditor)

for and on behalf of Duncan & Toplis Limited, Statutory Auditor

14.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The directors have directors loan accounts totalling £21,912 brought forward (2016: £19,654. During the year, the directors

of the company borrowed £15,015 (2016: £14,883) from the company and repaid £6,000 (2016: £12,625). Interest was

charged on the overdrawn amount in the year of £Nil (2016: £Nil). The balance at the end of the year totalled £30,927

overdrawn (2016: £21,912 overdrawn).